joining us now for market strategy is art hogan, managing director. and julian pendock is with us. arty, i want to start with you. today everybody everyone will be focused on the fed. but let's start more widely. we've had a really nice move in july. the markets are at new highs for the year. is this kind of as good as it gets for a while? have we maybe stolen a little momentum from the fall? are we due for a pullback? >> you know, it's interesting. that's the $64,000 question. everyone wants to know how we got to where we are on news that was less bad. second quarter earnings season came in better than expected, but still not where we have not them to be. i think what we've effectively done is priced in the now, priced in sustainability. nobody is predicting economic growth in the second half of 2009. it's really the first time for 2010 when we start looking forward to multiples. it's still reasonable. but it's going to take a vith catalyst to keep us moving ahead. the other thing here is we've got a dichotomy of events happening. the fed is, at some point in time, will have to st